/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Oct. 19, 2020
/CNW/ - Orford Mining Corp. ("Orford" or the "Company")
(TSXV: ORM) is pleased to announce that it has closed a
non-brokered private placement of: (i) flow-through units at an
issue price of C$0.315 per unit, and (ii) hard dollar units at
an issue price of C$0.18 per unit.
(the "Offering"), for combined gross proceeds of C$5,245,999.92. A total of 10,253,968
flow thru units were issued and a total of 11,200,000 hard dollar
units were issued. Each flow-through unit consisted of one common
share and one-half of a common share purchase warrant, each issued
on a "flow-through" basis. Each hard dollar unit consisted of one
common share and one-half of a common share purchase warrant.
Each whole common share purchase warrant entitles the holder to
purchase one common share of the Company for a period of three
years at an exercise price of C$0.26.
At the close of this financing Alamos Gold Inc. (AGI-TSX) has
maintained a 22.2% interest in Orford.
Finders received compensation in respect of a portion of the
financing consisting of an aggregate of C$119,448.00 in cash and 672,900 non-transferable
finders warrants. Each finder's warrant entitles the holder to
purchase one common share of the Company for a period of two years
at an exercise price of C$0.26.
Orford intends to use the
proceeds of the Offering to commence exploration of its newly
acquired Joutel area properties in the coming weeks; Joutel South
and McClure East, to continue
exploration on its Qiqavik project in Northern Quebec and for general corporate
purposes. The Qiqavik project represents a new gold discovery in
the Cape Smith Belt of Northern Quebec. The Joutel area
properties are vastly underexplored and we look forward to
advancing them.
The securities issued under the Offering are subject to a hold
period expiring on February 17,
2021.
About Orford Mining Corporation
Orford Mining is a gold explorer focused on highly prospective
and underexplored areas of Northern
Quebec. Orford's principal
assets are the Qiqavik and West Raglan projects comprising a land
package totaling over 80,000 hectares in the Cape Smith Belt of
Northern Quebec. The Qiqavik
Project hosts several new high-grade gold discoveries along a
mineralized trend in excess of 40 km. The West Raglan project hosts
a number of high grade Raglan-style nickel/copper/platinum group
metal discoveries along a 55 km mineralized trend. Orford also recently acquired two property
positions in the Joutel region of the Abitibi district of northern
Quebec, which hosts historical
deposits such as the Eagle/Telbel, Joutel Copper, Poirier Copper, and Vezza deposits. Orford continually seeks new gold exploration
opportunities in North America.
Orford's common shares trade on
the TSX Venture Exchange under the symbol ORM. This information
from neighbouring properties is not necessarily indicative of the
mineralization on Orford Mining's properties.
To view further details about the Qiqavik and West Raglan
Projects please visit Orford's
website, www.orfordmining.com.
Cautionary Statement Concerning Forward-Looking
Statements
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
This news release contains "forward-looking information"
including without limitation statements relating to the proposed
Offering, liquidity and capital resources of Orford and potential of one or more of
Orford's mineral
properties.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Orford to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Factors that could affect the
outcome include, among others:, future prices and the supply of
metals; the results of drilling; inability to raise the money
necessary to incur the expenditures required to retain and advance
the properties; environmental liabilities (known and unknown);
general business, economic, competitive, political and social
uncertainties; accidents, labour disputes and other risks of the
mining industry; political instability, terrorism, insurrection or
war; or delays in obtaining governmental approvals, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Orford's filings with Canadian securities
regulators available on SEDAR at www.sedar.com.
Although Orford has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those
anticipated, estimated or intended. Forward-looking statements
contained herein are made as of the date of this news release and
Orford disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE Orford Mining Corporation